Form 8879 Issue

[Jack from Ohio]

On ‎04‎/‎19‎/‎2016 at 4:53 PM, Jack from Ohio said:

Either let it go, or buy it back.  You may as well own it again, you have never left it.

 

53 minutes ago, MsTabbyKats said:

I promise, this is the last one I will post.  And I think even Jack in Ohio will understand why I can't "let go" now. I woke up to this e-mail; client is an MD, surgical resident....so again, not a dumb person.

Read it slowly, thoroughly....and to the end.

You continue to solidify the fact that my observations are spot on.

[MsTabbyKats]

8 minutes ago, Jack from Ohio said:

 

You continue to solidify the fact that my observations are spot on.

And you continue to solidify my opinion....that you lack, as my people would say "rachamim"

[Jack from Ohio]

2 hours ago, MsTabbyKats said:

And you continue to solidify my opinion....that you lack, as my people would say "rachamim"

Then dive head first into all the issues from all your previous clients.  Take each situation, review the returns, develop what needs to be amended, prepare the amended returns and rectify the issues.  Do this for every prior client that complains to you. 

This is what your posts and responses indicate that you want to do.  You post conflicting information, but your true feelings about what you want to do shine through very brightly. 

Either get ALL IN, or ALL OUT.  This is good business thinking 101.

I challenge you to provide one single piece of evidence to refute my observation as previously stated.

<<<<      On ‎04‎/‎19‎/‎2016 at 4:53 PM, Jack from Ohio said:

Either let it go, or buy it back.  You may as well own it again, you have never left it.>>>

[Catherine]

Unfortunately, @MsTabbyKats I have to mostly agree with Jack (while admitting that tact is *not* his strongest skill).  

For your own sake you MUST let it go -- at the most, have a referral to the bad-preparer reporting form and a referral to another tax professional in your area ready to send.  then wash your hands of it.  Otherwise, YOU are paying - in aggravation and worry and general upset and second-guessing your prior decision - and getting nothing in return but greater upset.

For your OWN sake -- take it back, or let it go.  But pick one.  You are only hurting yourself by sitting on the fence, agonizing over every mistake BY SOMEONE ELSE, while being powerless to fix it and without even getting paid to do the worrying.

And your situation is very instructive to ME, as I do plan on selling this year.  I am just starting to realize how much of me is wrapped up in this business - and that has to STOP.  Or there is no point in selling. 

[joanmcq]

Quote

 

And how important thoroughly vetting a prospective purchaser is!

[MsTabbyKats]

8 hours ago, joanmcq said:

And how important thoroughly vetting a prospective purchaser is!

As you may remember, I was diagnosed with breast cancer in early Oct.  As soon as the initial mammo showed "something"....I decided if there was anything bad....I was going to retire.  I had been trying to downsize for a few years, my husband sold his business a year ago....and I just didn't want any more responsibilities. And, getting a cancer diagnosis was "the signal from above".  My immediate decision was to just give referrals.  But, 2 days after the diagnosis (on a Thursday)  I found this guy's listing on Craigslist...that he wanted to buy a business.  I called him up and asked if he wanted referrals. (OK...I know this isn't PC, but it was based on ethnicity and knowledge of a language...and thought he could bond with a large per centage of my clients.)

He told me that he was a CPA (which I verified), had a Masters in Taxation (he's 61...I couldn't ask for school records), an MBA in Accounting, his wife was an attorney (which I verified) and that he had an office in a very convenient and high rent area (which I verified).  He also said he had 20+ years experience (I was able to verify that he was an e-filer and found statistics for 2014 and 2015).  There were no negative comments about him in Yelp or the BBB...or anywhere.

On Friday he told he that instead of referrals he'd rather buy the business.  So, we made a date for Sunday.  I told him everything.  Mostly foreign born clients; mostly highly educated; very few "off the street" people; mostly done on-line by e-mail. 

He came over on Sunday.  I gave him the list showing what I charged each person.  I showed him my income for a couple of years.  He was lucid, well spoken, sounded intelligent and said he was eager "to expand".  We worked out a price that was very generous for me.  Our agreement was more of a "handshake deal" than one that could be upheld in court. He gave me checks on the spot.  I had no risk.  He had all the risk.  I could have not given him access to the 2014 information.  I could have died (he knew I had breast cancer).  I could have just "run off" or changed my phone number and closed my e-mail account.

I was confident that I was leaving the clients in good hands.  From Oct until the season started he did a couple of returns which were on-line jobs, and one acquaintance who needed a consultation went to his office...she was happy with him.  Any e-mails/calls I got from clients was referred to him...so he could introduce himself. I don't think I could have done more to vet him and I couldn't have been happier to find him.  He had excellent credentials, an office in a very convenient location, spoke the first language of so many of my clients....I thought he was a godsend.

Remember, I wasn't hiring him; I was selling to him.  And I was 100% transparent about what my business was all about. The problems started as soon as the season started, when people were complaining about "poor communications".   And then the errors that clients found started coming.

My "mental professional" friend said he may have "early dementia" which could be vetted by a "psych evaluation", but I don't think that's part of the selling process.

Hopefully when the audits start, the clients will go directly to him and only to him.  In Oct I told him "It's all yours. I'm here to advise you, but don't get me involved with any of the clients unless absolutely necessary."  And that's the way I wish it were.

[FDNY]

I also would have sold to this guy after hearing all the background info and credentials.  No way could you have known if he indeed had early dementia or if he has personal problems, or just overwhelmed with too much work.

What he does need is a good talking to.....tell him to snap out of it and pay attention to his responsibilities and work or he will pay dearly in money and career.

 

 

[MsTabbyKats]

33 minutes ago, FDNY said:

I also would have sold to this guy after hearing all the background info and credentials.  No way could you have known if he indeed had early dementia or if he has personal problems, or just overwhelmed with too much work.

What he does need is a good talking to.....tell him to snap out of it and pay attention to his responsibilities and work or he will pay dearly in money and career.

 

 

LOL...I'll let the "good talking to" for his wife to take care of (She must be aware of whatever his problem is).

I gave him about 300 clients and helped way more than Jack thinks I should have to do the 2015 returns.  I'm not interested in his retention of those clients....that was all up to him.  And based on the myriad of (unsolicited) negative feedback, that rate is going to be very low.  I didn't even get one positive comment. 

Anyone coming to me now for tax preparation won't be referred to him.

[taxxcpa]

I retired and sold what was left of my practice to another CPA.  The only calls I've had from former clients was one woman who got an e-mail saying she owed tax and they were sending the police after her if she didn't pay them.  I told her I had gotten the same call,  The other call was from a man who needed the password to open his return I'd prepared.

 

Their new CPA must be doing a good job.

 

[Yardley CPA]

6 hours ago, MsTabbyKats said:

Hopefully when the audits start, the clients will go directly to him and only to him.  In Oct I told him "It's all yours. I'm here to advise you, but don't get me involved with any of the clients unless absolutely necessary."  And that's the way I wish it were.

I am sorry for all you are going through, both on a personal level and in regard to selling your business.  You did your best to find someone who could represent your clients in a competent manner.  It may not have worked out like you hoped but that is now behind you. 

If anyone does receive correspondence from the IRS or their respective state, if they happen to get audited, they should go to their current preparer. It may be difficult to walk away from this but you are now retired and your former clients should respect that.  Your response to their inquiries will dictate how the situation unfolds.  I hope it goes smoothly for all involved.

[joanmcq]

I wasn't saying you didn't vet the person to whom you sold the biz, hell, after what you mentioned, don't think you could have done more. 

God  I hope I don't 'want to be expanding' at 61!

[MsTabbyKats]

Joan-

iI didn't think that.  My post was to show that no matter how much you vet, you never really know.  In addition, should the seller really need to do the vetting?  It's the buyer's job to check what he's getting into and if it's a good investment. 

Personally, I know I'm a very honest and upfront person, but, now that I'm back to good health and clear mind....I think he took a crazy risk with a person he just met on Craigslist.   This may also be a sign of dementia.

[Jack from Ohio]